Mexico's peso declines

Mexico's peso declined for the third straight day since its February low after a surprise interest rate hike.

The peso declined by 1 per cent to 18.8275 to the dollar. It has consistently underperformed other Latin American countries with a decline of over 8 per cent this year so far.

Investors often use the high liquidity of the peso to hedge against exposure in Latin America, especially since it is the only currency to trade 24 hours a day.

Read more at Reuters.